Belfast hotel Ten Square has been sold by administrators for £6.1m to property developer Paddy Kearney , who now plans to unvest a significant amount more in an extension on site.
The boutique hotel slipped into administration in January, when owner John Miskelly lost control of the business.
It has now been sold to Kearney, who heads up Kilmona Holdings company in a £6.1m deal, with the property itself going for £5.2m and the remainder of the price going towards fixtures, fittings and contents.
Ten Square has already undergone a makeover since the change of ownership, but now plans have been unveiled to add a multi-million pound extension to the property, which will see 71 new bedrooms constructed.
The addition is expected to cost around £3m and will see Lancashire House based beside the hotel transformed as part of the project.
Speaking about the hotel’s expansion plans, Mr Kearney said the building has "been a landmark in Belfast city centre for many years, but increasing numbers of tourists and a more competitive hotel market mean it’s time to invest in the future".
"We now have an excellent management team in place and the ability and willingness to revamp and expand the hotel with at least a £5m capital programme over the next 12 months, in addition to our recent purchase," he added.
General manager at the hotel is Stephen Perry, who has spent 10 years working in the US with Hilton Hotels and also in the UK with Hastings Hotels.
Ten Square is the latest in new hotel projects and revamps under way across Belfast – around 20 are planned. Ten Square’s former owners, the Hill brothers, are to transform the Scottish Mutual Building close to their former venue into a hotel.